The current Nvidia cards have stronger tessellation performance and geometry shader performance. AMDs have better pixel shader performance. If you run (or look at) synthetic benchmarks which test these types of scenarios it shows this. You see this in very heavy tessellation and/or displacement mapping oriented benchmarks, such as HAWX2 and Unigine Heaven as well. This is actually why the current AMD cards are much more efficient in most actual games however, since they are usually more reliant on pixel shader performance.
So AMD current design makes sense. Whereas Nvidia, ironically, did a 3dfx. (I have both companies cards currently, and my current main card is a Nvidia just as disclaimer)
Because NVIDIA is better at DX11, they did a 3dfx ? Such a ridiculous thing to say...
As for which architecture makes sense, they both have their strengths and weaknesses, but AMD itself recently said that their next architecture would be scalar (just like NVIDIA's have been, ditching VLIW) and will also introduce many things that NVIDIA already placed in Fermi.
http://techreport.com/discussions.x/21141